The government has cleared 12 foreign direct investment (FDI) proposals that will bring in Rs 212 crore (Rs 2.12 billion), of which the largest chunk will be by US-based Millennium India Acquisition Company. Meanwhile, 13 proposals, including two from B A G Films, were deferred by the government, according to an official statement. The US-based company will bring in Rs 159.92 crore (Rs 1.59 billion) of FDI to acquire stakes in two non-banking finance companies.
Sharma proposes to pass on the 'handover note' to his successor, which as per the poll projections is likely to be from Bharatiya Janata Party-led National Democratic Alliance.
Remaining firm in her party's opposition to the United Progressive Alliance government's decision on FDI in retail, Trinamool Congress chief Mamata Banerjee has told Prime Minister Manmohan Singh that her party is not in favour of the government being toppled.
Before concluding that the current level of FDI flows is a reflection of India coming into its own with regard to manufacturing, it is important to carefully study the numbers and to understand the story that they tell.
Gujarat riots, terror attack in the United States and SARS outbreak in South East Asia led to a massive fall in foreign direct investment in India during 2001-02 to 2003-04, according to an Assocham report.
The foreign direct investment in the country declined by 25 per cent to $2.04 billion in January compared to the same month last year, snapping a trend of positive growth in the previous three consecutive months.
India was fourth in 2008, in terms of FDI inflows, among developing countries, he said referring to UNCTAD World Investment Report (WIR) 2009.
SSTL is the second operator after Vodafone that has approached FIPB for raising FDI limit.
The finance ministry on Wednesday ruled out more than 26 per cent foreign direct investment in pension sector and said fund managers would be selected through a competitive bidding process.
Finance Minister Pranab Mukherjee may be right in pushing for FDI in retail because reports have been pouring in, indicating that the economic downturn in India and abroad will worsen in coming weeks. Sheela Bhatt examines the politics behind the government's decision.
Bharatiya Janata Party-led National Democratic Alliance on Monday accused the government of allowing foreign direct investment in retail with an aim of distracting and disrupting Parliament that was set to discuss crucial issues of price rise and black money.
Retail sector seeks industry status, which can reduce the cost of capital and to allow FDI in retail that can increase investments and global competitiveness.
It came down from $1.94 billion in 2009-10 to $1.17 billion the next year and to $1.11 billion in 2011-12.
Gujarat Chief Minister Narendra Modi on Friday accused Prime Minister Manmohan Singh of "acting" in the interest of United States first in getting the nuclear deal through and then allowing FDI in multi-brand retail and questioned why he did not "turn active in India's interest".
Total outflow and inflow of foreign investment in general for 2014-15 fiscal was $6.42 bn and $75.71 bn, respectively
The officials say no "concrete move" has yet been taken to take the matter to the Union cabinet for approval after the recommendation of the Committee of Secretaries (CoS) on July 22 to allow 51 per cent FDI.
The Cabinet approval would help more than 200 fashion and apparel brands who are lined up to enter India, including international labels such as Avva, Colin's, Damat, Tudba Deri and Dufy
FDI inflows in the manufacturing sector rose by almost 45 per cent between October last year and this February.
Buoyed by favourable policies, India has emerged as the fourth largest destination in Asia for foreign direct investment, attracting over Rs 20,000 crore (Rs 200 billion) within the first six months of the current fiscal year.
The note recommends allowing FDI in domestic firms through the issue of partly-paid up shares and convertible warrants, but with certain riders.
The government has approved 16 projects envisaging foreign investment worth Rs 1,647 crore (Rs 16.47 billion), while deferring Punj Lloyd's proposals for lack of security clearance.
The Bahujan Samaj Party on Thursday kept its cards close to its chest on the issue of a debate in Parliament on FDI in retail, saying the government should first decide under what rule it wanted such a discussion.
Foreign direct investment into India is expected to touch $15 billion by the end of the present fiscal, with more overseas firms eyeing good returns from the sub-continent.
The UPA government hopes the logjam in Parliament over FDI in retail will end on Wednesday with the move to 'hold back' the Cabinet's decision on the issue. But things may not be that simple. Sheela Bhatt reports on the possible scenarios that may emerge.
The Union Cabinet on Thursday is believed to have deferred a proposal for hiking foreign investment cap in telecom sector to 74 per cent from the existing 49 per cent.
Also the companies should be self-sufficient in product designing and have maintenance and life cycle support facilities.
India will need $8 trillion (around Rs 588 lakh crore) of gross capital formation or new greenfield assets to become a $5 trillion (around Rs 368 lakh crore) economy by FY2027, a report said. The report by Deloitte said despite the COVID-19 disruption, FDI inflow into the country provides necessary optimism and display underlying strengths of the Indian economy. In FY2020-21, FDI inflows (including equity, re-invested earnings, and capital) amounted to a record $81.72 billion, 10 per cent higher than the previous financial year, it said.
From real estate behemoths to infrastructure majors, from mobile device manufacturers to heavy engineering companies, they all made commitments to the tune of billions of dollars. Unfortunately, the reality has fallen far short.
In June 2008, the FDI inflow was USD 2.39 billion. However, the total foreign investment inflows during April-June contracted by over 30 per cent to $7.02 billion over the same quarter of 2008-09.
In its latest lobbying disclosure report filed with the US Senate and the House of Representatives for the quarter ended March 31, 2013, the various lobbying issues of Walmart during the period included 'discussions related to FDI (Foreign Direct Investment) in India'.
The government on Friday cleared 24 FDI proposals valued at Rs 158.82 crore (Rs 1.58 billion), including ICICI Bank's Rs 44.45 crore (Rs 444.5 million) American Depository Shares offering and proposals of Colgate Palmolive and Bausch & Lomb.
Finance Minister Pranab Mukherjee on Friday said the government is considering further liberalisation of the country's foreign direct investment policy for attracting investment in the infrastructure sector.
Government is planning to allow foreign direct investment in the construction sector, Commerce and Industry Minister Kamal Nath said on Tuesday.
The note for consideration of Cabinet will follow a review of the FDI regime in the light of the experiences of the last one year, they said.
The increase in FDI limit in the insurance sector may attract Rs 30,000 crore that the industry requires over the next five years, Insurance Regulatory and Development Authority has said.
Reflecting slowdown in the economy and erosion of investor confidence, foreign direct investment (FDI) in India has declined by 41 per cent to USD 1.85 billion in April.
India's commerce and industry minister Anand Sharma said that from 2012 the country would be able to attract 50 billion dollars annually.
The government has cleared 19 foreign investment proposals, including that of Walt Disney Company and Reckitt Benckiser (India), entailing total investment of Rs 2,326.72 crore (Rs 23.26 billion).
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